the whole thing and Gillian just suggested. “why
don‘t we buy together?" As soon as we'd looked at a few places we realised that this was
something that could work.’
Davies and Blackburn. a 30-year-old architect, had only viewed a handful of flats across the city before a spacious two-bedroom place in Leith tugged at their heartstrings. ‘The living room was a converted ballroom and we both love dancing so we were convinced it was meant to laughs Blackburn. Both were amazed when their offer of £197,000 was accepted and they became the proud owners of their first home.
‘We certainly didn‘t expect to get a place so soon after my experience’. admits Davies. ‘but
it’s fantastic. I have to say it‘s all worked out for
the best.’ Now. instead of a pokey studio. she has a large living room and dining kitchen. where she can entertain friends. For Blackburn the benefits were also clear. ‘I think because
Michelle and I had been flatmates before, we knew we would get on. And I don’t actually like
the idea of living on my own.‘
From the outset ground rules were set: ' everything was split 50/50 and they agreed to
reassess the situation after three years. allowing either party the option to sell up if circumstances had changed. The mortgage was trickier to arrange: the first fell through because the property was above a shop. the second because
Davies was Australian. but. with the help of
specialist online broker Share to Buy. they finally secured the finance. Contracts were exchanged and the legal agreement was signed and sealed. Just over a year later the girls are still delighted with their new home.
With a chilly wind now blowing in the housing
market. James Cartlidge. director of Share to Buy. has seen a steady growth in people clubbing together with friends and even family in order to afford the property they want. “When we first started our service in 2004 people told us it was a
silly idea‘. he says. Now the company is going
from strength-to-strcngth. has a Facebook site for potential joint buyers. and will hold its first ‘speed dating' event for would-be homeowners in London later this year.
To anyone familiar with the property market. it will come as no surprise that young professionals like Davies and Blackburn are having to pool resources to get a foot on the ladder. It's a confusing time for most potential property buyers. Though the stark credit crunch wamings may hint at bargains. the average house price in Scotland is still £145.53] and is even pricier in the cities: over £176.00() in Glasgow and over £210.000 in Edinburgh. The slow-down may be the most dramatic in years. but while UK house prices have fallen by l‘Yr. growth is still 0.2% in Scotland.
The recent slow-down in growth comes a little
too late for many. Last month a ‘fiat‘ measuring -
just 150sq ft went on the market in the Scottish
capital for £55.00() with property experts
expecting a bidding war. while a derelict toilet
block in Fife sold for £60.(X)0. What‘s more the f
banks are decidedly nervy when it comes to borrowing. making mortgages expensive and difficult to obtain. and rents are also predicted to rise as a result.
David Marshall. business analyst for the ESPC. admits that life is still tough for house hunters in
Edinburgh. ‘The market is certainly rising far l
‘PEOPLE DON'T WANT TO PAY
TOP DOLLAR FOR A HOME WHERE THEY CAN HARDLY FIT
IN THE FURNITURE'
more slowly than it has been in the last two years.‘ he says. ‘Growth has slowed from 10- 15% to around the 3% mark and in coming months we would expect to see it fall further. But
though there‘s been a significant cooling. '
affordability has already decreased so much.’
All is not lost. though. you may just need to be a little more open-minded about location. Up- and-coming areas in Edinburgh include Gorgie. which Marshall says has seen a growth of 20% in the last two years. while flats in Meadowbank and Leith are available for under £l25.00(). And though any investment potential will be relative. they are certainly more affordable than many other areas. ‘We also see a lot of people now looking outside of Edinburgh towards Fife. Kinross. Lochgelly or Dunfermline. to find something they can afford.” Marshall adds.
Award-winning Glasgow estate agent Paul Murphy is also cautiously upbeat. He admits that while much of the property traditionally snapped up by first time buyers may now be out of the price bracket. there are still options. ‘We are seeing people moving into different areas to get round the market.” he explains. ‘I sold an ex- council flat in Auldhouse in the Southside for £90.00() recently: it‘s a decent area at an affordable price. There are also two bed flats in
Govanhill and Crosshill to be had for reasonable prices. And of course the East End is still a good
bet.‘
everyone involved in the property business agrees you
ESPC recommends hunters familiarise themselves with the market before deciding what they want. It's worth typing up a brief to
hatever the circumstances.
have to do your homework. The house
give to agents personally. to ensure you are
contacted when the right property comes onto the market. >
9 OLD VERSUS NEW
'4‘ 4' .m ~J. i 3‘ I.
r._
. -» I The central belt is awash with new property developments. We check out some of the best and weigh up the pros and cons of buying a new build
For many property buyers these days. draughty old flats in need of repair just won’t cut it. Luckily there are plenty of shiny new options available across Scotland’s central belt, from swanky waterfront developments such as Coalhill in Leith to sleek glass and chrome pads overlooking Glasgow Harbour, while new buildings are springing up along the Clyde and in the Merchant City. In Edinburgh the hype is all about Quarter Mile, a new development planned on the site of the former Royal Infirmary, due for completion in 2012. One bedroom flats start at £235,000, penthouses cost £800,000 and there's a 24/7 concierge service to complete the look.
The benefits are obvious. Buying off-plan can save you money while allowing you to Specify fixtures and fittings from the outset rather than spending money changing the decor. Developers offer great incentives for early purchases and, without the uncertainty of blind bidding (a frustrating feature of our offers-over system). the buying process can be relatively stress free. But not everyone is convinced. While a brand new build may look finished, new owners can find themselves plagued by nagging problems. Moreover, if apartment living doesn't quite live up to expectations, making a quick sell without losing out financially can be tricky.
New build flats initially appealed to Craig Heighton, a 33-year-old software development manager from Glasgow, who relished the thought of private parking, all mod-cons and no more dusty closes that needed cleaning. But he found it wasn't all he had hoped. ‘The place was unfurnished when we first saw it but when we put furniture in it disappeared before our eyes,‘ he says. ‘The walls were made of light plasterboard so noises carried through the flat and from others and the doors were literally made of cardboard. I should know; I put a knee through one accidentally.’ So. on his next house search, tenements went back on the agenda. Now he lives in a one-bedroom Victorian flat in North Kelvinside with 12ft ceilings, bay windows and period features.
Lucy Graham, 27, moved into a new build in Edinburgh earlier this year and, two months on. says she's living her dream home. ‘I was able to specify fixtures and fittings, including the kitchen cupboards, the worktops and the tiles, which would have cost thousands to put in myself. I always knew I would buy a new build; a scruffy old tenement just doesn’t hold any appeal for me.’
By “nip”:
k.
in“
8—22 May 2008 THE LIST 23